DUBLIN, Nov. 9 (Xinhua) -- The European Commission, the executive arm of the European Union (EU), said on Thursday Ireland's gross domestic product (GDP) is expected to grow at a rate of 4.8 percent this year.
In its Autumn Forecast report, the Commission said Ireland's GDP will then slow to 3.9 percent in 2018 and 3.1 percent in 2019.
It said Ireland's GDP growth is projected to remain "robust over the forecast horizon" but the pace is expected to "moderate slightly".
The Commission said the activities of multinational enterprises continue to distort headline figures and "complicate macroeconomic forecasts".
The government deficit is moving closer to balance but risks to the fiscal outlook remain, it said.
The Commission said the euro area economy is on track to grow at its fastest pace in a decade this year, with real GDP growth forecast at 2.2 percent, adding that the EU economy as a whole is also set to beat expectations with robust growth of 2.3 percent this year.
According to its Autumn Forecast, the Commission predicted growth to continue in both the euro area and in the EU at 2.1 percent in 2018 and at 1.9 percent in 2019.
"The European economy has performed significantly better than expected this year, propelled by resilient private consumption, stronger growth around the world, and falling unemployment," it said.
"Investment is also picking up amid favorable financing conditions and considerably brightened economic sentiment as uncertainty has faded," it added.
